Last year, the 30-year-old Allmendinger had 10 top-10 finishes and was 15th in points driving Richard Petty’s No. 43 car.

The move, announced Wednesday, takes Penske back to his open-wheel roots.

Allmendinger won the open-wheel Barber Dodge Pro Series title in 2002, the Toyota Atlantics championship in 2003 and was the 2004 rookie of the year in the now defunct Champ Car series. In 2005, he won five races and was third in Champ Car in points. He joined the Cup circuit in 2007.

Busch won two races, took three poles and was one of 12 drivers to compete in the season-ending chase. Two weeks ago, after six bumpy seasons, Busch and Penske parted ways.

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Penske Automotive Group, Inc. (NYSE:PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide and is a member of the Fortune 500, Russell 2000, an was named one of the World's Most Admired Companies by Fortune.